I am sorry, but I have to rant a little bit about the show on CNBC Mad Money with Jim Cramer. After today’s slaughtering of the financial markets; the DOW closed down 299.64 points (4.24%), I figured it might be interesting to watch Mad Money with Cramer and see his thoughts and reaction.
Immediately Cramer started blaming president Obama, spewing nonsense about him wanting to run this country into communism, personally driving the United States economy into recession and droning on and on, every sentence he spat out frustrating and infuriating me further. It reached a climax when I found myself yelling and swearing at the TV and Cramer.
So, let me just vent a bit and say this to Cramer. For the love of god, how long has Obama been in office? Right, two months, and your blaming him for the financial meltdown because? Kramer, you might want to reflect a little bit and blame the previous president, who deserves the brunt of the blame for getting us into this situation to begin with.
We have all been hit personally and financially by the current economic turbulence and recession, I bought Apple stock at near high levels, but blaming Obama is just a cop out, and quite honestly a douche move.
I leave with a few choice and angering quotes from Kramer’s show today.
“Everything this president touches, all get’s crushed.”
“The rath of Obama…”
“Can any group be saved from Obama’s wealth destroying?”
“Bolsheviks and the banks…”
Depressions unwind leverage and debt. The depression in 1929 was caused by the huge amount of debt that was created by buying stock with as little as 1% down. I took years to unwind the debt. This depresssion is caused by the 500 plus trillion in derrivatives i.e. debt. This will take years to unwind.
The error that FDR made and Obama is making is that they are creating a huge amount of additional governent debt. This is like throwing gasoline on the fire. It only makes matters worst.
The Washington group think is confusiong lower prices of assets with a deflation in the money supply and therefor think that the cure is to inflate the money supply. This will not stimulate the economy. It will result in hiperinflation and a worthless dollar.
The above assums that the motives of the elected officials are honest. Personally I think that they know what they are doing and are really only interested in a power grab.
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